Reddit considers IPO, hires CFO

by akoloy


Reddit has been in the midst of the buying and selling frenzy roiling closely shorted shares, now the social media platform could roll the cube on the monetary markets themselves.

On Friday the corporate named Andrew “Drew” Vollero as its new chief monetary officer because it reportedly mulls an initial public offering.

Vollero, 55, was the primary CFO of Snap Inc, the place he helped lead the social media firm’s IPO. He beforehand served as CFO of Allied Universal, the nation’s largest safety and facility providers agency.

Ticker Security Last Change Change %
SNAP SNAP, INC. 56.54 -1.19 -2.05%

“Drew is an trade thought chief, who brings a observe document of constructing a worldwide finance group for top development firms,” Steve Huffman, co-founder and CEO of Reddit, said in a statement to FOX Business. “He will probably be an incredible addition to our Executive Team, as Reddit continues accelerating our enterprise and person development.”

SEC FLEXES MUSCLE AS REDDIT TRADING FRENZY CONTINUES

Reddit Head of Policy, Safety, and Corporate Communications Sandra Chu additionally instructed FOX Business that “when the time is true, changing into a public firm is a chance for Reddit.”

“Reddit is experiencing nice momentum, each by way of hiring and delivery essentially the most product we ever have,” Chu said. “Right now, the corporate is targeted on sustaining that optimistic development and making certain we’re serving to our customers create and keep wholesome communities and offering efficient promoting options for manufacturers.”

GAMESTOP CFO RESIGNS FOLLOWING REDDIT STOCK TRADING MANIA

Huffman, one of the co-founders along with Alexia Ohanian who is married to Serena Williams, told the New York Times in an interview published Friday that the company is considering going public but did not share a timeline.

“We’re excited about it. We’re working towards that second,” he told the outlet.

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The announcement comes practically a month after Reddit announced that it had raised greater than $250 million in Series E funding, bringing its whole valuation to $6 billion.

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Ticker Security Last Change Change %
RKT ROCKET COMPANIES INC. 25.85 -0.97 -3.62%
SKT TANGER FACTORY OUTLET 16.39 -0.74 -4.35%
GME GAMESTOP 139.75 +7.99 +6.06%
AMC AMC ENTERTAINMENT HOLDINGS INC 7.98 -0.04 -0.48%
BBBY BED BATH & BEYOND, INC. 28.16 -0.50 -1.74%

An IPO would come as the Reddit forum “WallStreetBets” continues to stoke extreme trading in heavily shorted stocks, those that investors bet will fall. Rocket and Tanger Factory Outlets have joined GameStop, AMC Entertainment, Bed Bath & Beyond and others, as short-seller targets.



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